Great Basin Gold Closes Brokered Private Placement of Units

On December 12, 2008, Great Basin Gold Ltd. (GBG) closed a brokered private placement of units to raise total gross proceeds of US$51,500,000 through Casimir Capital LP, which acted as lead agent.

Each unit consisted of one 14 per cent senior secured note in the principal amount of US$1,000 of GBG and warrants to purchase 350 common shares in the capital of GBG (each such share a “warrant share”). Each warrant entitles the holder to purchase one common share of GBG at an initial price of $1.80 per warrant share for a period of three years from closing.

GBG was represented in British Columbia by Bernhard Zinkhofer and Barbara Collins of Lang Michener LLP, by Julie Lasso of Hogan and Hartson LLP with respect to US securities laws and by Richard Harris of Harris and Thompson with respect to Nevada law.

Casimir was represented by Ogilvy Renault LLP with a team comprised of Geoffrey Gilbert, Pierre-Paul Henrie, Andrew Godfrey, Amy Grubb, Aglaya Redekopp, and Walied Soliman. Casimir was represented in Nevada by Colleen Dolan of Lionel, Sawyer & Collins.

Lawyer(s)

Geoffrey G. Gilbert Pierre-Paul Henrie Aglaya M. Redekopp Walied Soliman Barbara Collins Bernhard J. Zinkhofer Amy Grubb Andrew D. Godfrey

Firm(s)

McMillan LLP Hogan & Hartson LLP Norton Rose Fulbright Canada LLP Lionel Sawyer & Collins